Updated Aug 22, 2024
8/22/24
Weekly natural gas cash prices dropped in the final week of June – after rallying through the first three weeks of the month – despite exceptional early summer heat and forecasts for more to come.
Afforded little support from the latest storage data for a definitive move in either direction, August Nymex natural gas futures meandered near unchanged through midday trading on Thursday.
The latest reported storage build matched most expectations, but provided no definitive directional support as natural gas futures vacillated between modest losses and gains in midday trading on Friday.
After the latest weekly storage report showed a modest injection and an upward revision to the total working gas supply, July natural gas futures continued lower through midday trading Thursday.
July Nymex natural gas futures were lower Thursday as the latest storage data surprised with a larger-than-anticipated injection and as producers appear to be hiking output in preparation for the summer.
Baseload natural gas prices held onto gains in southern and western portions of the country on the final day of June bidweek trading Wednesday, while abundant supply and a slow start to summer heat kept most prices in other areas under pressure.
As bidweek continued into a second day Thursday (April 25), baseload prices maintained the weak tenor established in Wednesday’s opener, according to NGI’s Bidweek Alert (BWA).
The second day of natural gas bidweek trading Monday (March 25) saw baseload prices maintain the weakening trend that began Friday, according to NGI’s Bidweek Alert (BWA).
Natural gas futures reversed early gains Tuesday as weaker physical prices squashed initial optimism from another producer curtailment to send the prompt contract to its fifth straight decline.
Enbridge Inc.’s utility subsidiary has launched an open season for up to 1 Bcf of peak natural gas storage capacity at its Dawn Hub in southwestern Ontario.